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6 Feb 2015
GBP/JPY at key resistance levels
FXStreet (Guatemala) - GBP/JPY is currently 179.99 with a high of 180.25 and a low of 179.97 in Asia.
GBP/JPY is testing hourly highs here with the greenback and Yen suffering in a risk on market. The BoE held no surprises and remains on hold while we now await the RBA statement to test the markets appetite for more risk or not. The cross could come under pressure at such heights should the RBA's statement be of concern that investors fly to safety and seek out positioning in the Yen.
Meanwhile, the pair has gained 450 pips from the lows of the week and puts the cross back into neutral in an otherwise bullish trend on the daily chart. Should the pair drop through the support at 175.80 and continue through 175.50, the bullish trend could come under threat as we move into the years consolidating range. 180.70 needs to be cleared for the topside, being Sep 2014 highs.
GBP/JPY is testing hourly highs here with the greenback and Yen suffering in a risk on market. The BoE held no surprises and remains on hold while we now await the RBA statement to test the markets appetite for more risk or not. The cross could come under pressure at such heights should the RBA's statement be of concern that investors fly to safety and seek out positioning in the Yen.
Meanwhile, the pair has gained 450 pips from the lows of the week and puts the cross back into neutral in an otherwise bullish trend on the daily chart. Should the pair drop through the support at 175.80 and continue through 175.50, the bullish trend could come under threat as we move into the years consolidating range. 180.70 needs to be cleared for the topside, being Sep 2014 highs.